® ® CLS and the CLS Logo are registered trademarks of CLS UK Intermediate Holdings Ltd © 2005 CLS UK Intermediate Holdings Ltd. Rob Close President and CEO CLS Bank International CLS update for the Turkish banking industry 16 November 2006

CLS today

CLS - The New Market Standard  Eliminates FX settlement risk  Settles fifteen currencies  Uses a payment versus payment (PvP) basis  Multi-laterally nets all obligations per value date.  CLS settles:  FX spot  FX forwards  FX option exercises  FX swaps

 Only global settlement system  Bankers’ Bank for FX Settlement  Real-time links to Central Banks  Corporate structure and governance model  Legal governance and regulation  Level playing field for Shareholders CLS Bank is Unique

Settlement Accounts with 15 Central Banks

Australia - Australia & New Zealand Banking Group Commonwealth Bank of Australia National Australia Bank Westpac Banking Corporation Belgium - Fortis Bank KBC Bank Canada - Bank of Montreal The Bank of Nova Scotia CIBC Royal Bank of Canada The Toronto-Dominion Bank China – Bank of China Denmark - Danske Bank Nordea France - BNP Paribas Caisse Nationale De Credit Agricole Credit Lyonnais Société Générale Germany - Bayerische Landesbank Commerzbank Deutsche Bank DZ Bank Dresdner Bank Hypo Vereinsbank WestLB Italy – Banca Intesa UniCredito Japan - The Bank of Tokyo-Mitsubishi UFJ, Ltd Mizuho Corporate Bank Norinchukin Bank Sumitomo Mitsui Banking Corporation The Sumitomo Trust & Banking Co., Ltd. Korea – Kookmin Bank Korea Exchange Bank Luxembourg – Dexia Banque Internationale a Luxembourg Netherlands - ABN AMRO Bank ING Bank Rabobank Nederland Norway – DnB NOR Singapore - Development Bank Of Singapore Oversea-Chinese Banking Corporation United Overseas Bank South Africa – Absa Standard Bank Spain - BBVA Banco Popular Espanol Banco Santander Central Hispano Sweden - Skandinaviska Enskilda Banken Svenska Handelsbanken Switzerland - Credit Suisse UBS Zurcher Kantonalbank United Kingdom - Barclays Bank HSBC Holdings Royal Bank of Scotland Standard Chartered Bank United States - American International Group Bank of America The Bank of New York Bank One Bear Stearns Securities Citibank The Goldman Sachs Group JPMorgan Chase Lehman Brothers Mellon Bank Merrill Lynch Morgan Stanley & Co. Northern Trust Corporation State Street Bank and Trust Co. CLS Shareholders

CLS – growing volume and value $2.9 trillion daily ($5.47 trillion peak day) 270,000 instructions daily (502,384 peak day) Volume Value

Growing CLS participation 71 Shareholders, 57 Members, 26 Service Providers

CLS market share 40% FX 75-83% Interbank 95% Member to Member

CLS penetration – London and New York Comparison with aggregated FXC and JSC market statistics for London and New York CLS estimated market share for spot, swaps and overall market

06:30 07:00 Funding completion Funding & settlement Submitting Instructions How CLS works - overview 09:0012:00

CLS benefits

CLS perceived value Operational Efficiencies & Scale Economics Risk reduction Market growth support Reduced funding

CLS perceived value by sector Operational Efficiencies & Scale Economics Risk reduction Market growth support Reduced funding Banks Corporates Pension Funds Investment Funds Hedge / leveraged funds Prime Brokerage / Algo Business Banks Corporates Pension Funds Investment Funds Prime Brokerage / Algo Business Prime Brokerage / Algo Business Hedge / leveraged funds

Growing FX volume from the fund industry Source: 2006 Greenwich Associates. Based on a matched sample of 733 respondents. Figures are average annual volume per respondent. Average foreign exchange trading volumes among fund managers and pension funds increased almost 48% from 2004 to 2005.

CLS facing the future

Today’s market – challenges and opportunities  FX is an asset class – increasing buy side participation  Programme trading growing but volatile  Hedge Funds and Prime Brokerage driving market growth  Strong growth in FX derivatives, e.g. NDFs & FX option premiums  Growth in emerging markets  Focus on cost reduction

CLS strategy overview New Products – ∆ Value delivered Increase participation Grow volume Reduce unit cost

Future growth areas for CLS  Fund management  Other buy side  Non-Deliverable Forwards  FX Option premiums  Other currencies

Conclusion CLS is  The FX Standard  Delivering Benefits  Extending the Benefits Focused on growth to reduce unit prices

® ® CLS and the CLS Logo are registered trademarks of CLS UK Intermediate Holdings Ltd © 2005 CLS UK Intermediate Holdings Ltd. Rob Close President and CEO CLS Bank International CLS update for the Turkish banking industry 16 November 2006